Laveen, AZ 85339

Laveen is a former agricultural community that had lots of cheap land suitable for development during the real estate boom, according to local agent Tess Pysher.

Median home prices are now less than half their 2006 peak, according to Zillow. Many people who bought at the top of the market are now well underwater on their mortgages, leading to a spate of foreclosures.

This house is listed for less than 45% of the $270,000 it sold for when it was built five years ago. It has always been rented out by the owner, according to Pysher, but the tenants had intended to buy the house and kept it in great condition.

It boasts features like a sitting room in the master suite, walk-in closets and ceiling fans. There's more than 2,000 square feet of interior space and a two-car garage.